Now that project plans have been submitted to the city and presentations of the proposal have been given to local community groups, Draper & Kramer Inc. is set to move forward with its planned 50-story hotel and condo tower in the fast developing neighborhood of South Streeterville.

Currently occupied by non-accessory parking and Diggity’s hot dog stand, the lot on the west side of Fairbanks Court between East Ohio Street and East Grand Avenue is soon to be a high-end, mixed-use tower with approximately 170 residential units and 200 hotel rooms. The building will include 10,000 square feet of meeting space, as well as retail and office units. There will also be 300 to 320 below ground parking spaces.

The 50-story tower, designed by architecture firm Solomon Cordwell Buenz, will rise 741’6” feet and feature a roof penthouse with a pool and have partial green roofing. The exterior will have glass curtainwall, glass guardrails for balconies, precast concrete and metal column enclosures and canopies, and metal paneling and stone on the lower levels.

The hotel front and entry circle drive will be facing Fairbanks Court, with condo entry on the north side of the property on Ohio Street, with another circle drive leading to a parking ramp behind the building on the west side. Hotel parking and loading will also be accessible from the south side of the property on Grand Avenue. Additional trees will be planted on all blocks surrounding the building, and sidewalks will be widened.

Donald Vitek, Vice President of acquisitions and developments for Draper and Kramer, told Crain’s ChicagoBusiness that a hotel operator has agreed to run a five-star hotel there, but did not name the aforementioned company. Vitek also said that they are building off of their experience with the redevelopment of the Palmolive Building on North Michigan Ave., Draper & Kramer’s most recent major project completed earlier in 2006. That renovation was so popular that Appraisal Research reported that the 100 luxury condos, priced over $2 million on average, were 95% sold out by the end of the second quarter.

What a perfect spot for this building. I love how much that area of the city is filling in: 600 N. Fairbanks, Cityfront Plaza (3 buildings, one of which could be 65 stories), The Streeter/Streeter II, 550 N. St. Clair, Avenue East, 600 N. LSD. All we need is Fordham Spire to cap it off.

not exactly a rendering, but it gives you an idea of size/massing. reminds me of trump's tower a bit--minus one setback and 600 feet or so. should be a nice counterpoint to the nearby 300 N. LaSalle tower.